BASF raises prices for Formic Acid in Europe
Ludwigshafen, March 2, 2015 — BASF is raising prices for Formic Acid 85% by 40 EUR/mt (or 45 USD/mt) in Europe effective immediately or as existing contracts permit. Prices for Formic Acid 94% will be increased accordingly on a pro rata basis.
Formic acid is a high-quality intermediate used in a broad range of applications. In animal nutrition, for example, it is used as a feed preservative. Potassium formate, a salt of formic acid, is an environmentally sound and highly efficient de-icing agent used on roads and airport runways. Both formic acid and potassium formate are also used in the oilfield industry as part of the drilling and completion process, as well as in shale gas exploration. Moreover, formic acid is a powerful descaling agent and disinfectant.
BASF is the world’s leading producer of formic acid, with production plants at its integrated Verbund sites in Ludwigshafen, Germany, and Nanjing, China. Another formic acid plant at BASF’s site in Geismar, Louisiana, is currently under construction.
At BASF, we create chemistry – and have been doing so for 150 years. Our portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. As the world’s leading chemical company, we combine economic success with environmental protection and social responsibility. Through science and innovation, we enable our customers in nearly every industry to meet the current and future needs of society. Our products and solutions contribute to conserving resources, ensuring nutrition and improving quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF had sales of over €74 billion in 2014 and around 113,000 employees as of the end of the year. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further information on BASF is available on the Internet at www.basf.com.